Egypt’s Sisi orders government to exert more efforts to improve investment climate

CAIRO - 23 November 2024: President Abdel Fattah El Sisi gave directives to continue efforts toward improving the investment climate and addressing the structural challenges affecting Egypt's economy. 

This orders were given during a meeting between President Sisi and Prime Minister, Dr. Mostafa Madbouly, and Minister of Investment and Foreign Trade, Eng. Hassan El-Khatib, on Saturday.

The meeting discussed a range of topics, with a focus on the development of the foreign trade system by facilitating procedures, reducing costs, and shortening the customs clearance time. 

It also touched on localizing the industry, protecting domestic production through the use of trade tools and World Trade Organization’s (WTO) standards, and taking full advantage of the commercial representation system and offices. 

The meeting also tackled developing the file of non-tax financial burdens and unifying the entities dealing with and collecting fees from investors.

Additionally, the discussions reviewed the investments and projects of the Sovereign Fund of Egypt, as well as the Fund's efforts to attract more investments and maximize the return from the assets it manages. The role of the Fund in various sectors was also tackled.

The President emphasized the necessity to reduce procedural and non-tax financial burdens, which would contribute to enhancing Egypt's position as a regional hub for attracting foreign direct investment in line with the national priorities.

President El-Sisi also affirmed the importance of opening new markets for Egyptian exports, increasing the percentage of the local component in all exports, and establishing Egypt as a key hub for supply chains at the global and regional levels.

Sisi’s meeting convened after he met today, on Saturday, with Børge Brende, President of the World Economic Forum, and his accompanying delegation, according to a statement released by the Egyptian Presidency.

During the meeting, President El-Sisi highlighted Egypt's ongoing development efforts, focusing on major projects in the infrastructure, industrial, and agricultural sectors, as well as the significant investment opportunities they offer.

President El-Sisi underscored the importance of continued collaboration and encouraged greater investment from the foreign private sector, particularly in Egypt’s priority sectors: industry, sustainable energy, communications, digital transformation, artificial intelligence, and transportation.